COFACE member, Fonds du Logement Wallonie (FLW) provides housing loans to large families for the purchase, renovation or construction of a first home. In addition, it provides loans for work aimed at creating a specific home to accommodate one or more parents aged 60 or over. Since 2022, this option has been available to all households (with or without children) meeting certain income conditions: total taxable income for the penultimate year, i.e. 2022 for an application submitted in 2024, may not exceed EUR 76,000, plus EUR 5,000 per dependent child.
The aim of this extension is to stimulate solidarity between the generations, and is part of the solution to the problem of housing for senior citizens: the high cost and shortage of accommodation in nursing homes, large family homes that are under-occupied and remote from essential services, and so on.
Transforming an old farmhouse
Nearly 400 senior citizens have benefited from this initiative to date. Very recently, in its new management contract with Wallonia, the FLW renewed its commitment to this segment, which it even plans to expand.
Marc and Sylvie have three children between them. They bought an old farmhouse in Musson in the province of Luxembourg. The property was ideal as a home for Marc’s parents, who had recently retired to Charleroi and wanted to be closer to their only son and grandson.
“We bought this property in 2019 because it could be extended and converted at a later date. The time for the work came sooner than we expected… the never-ending rise in prices pushed us over the edge,” explains Marc.
The couple recently obtained a loan of EUR 60,000 without mortgage registration, at an interest rate of 3%, to carry out their conversion work.
Read more here.
